Durham Region's real estate market finished August with mixed results in price and volume, with the eastern areas performing best. Buyers are more active, with volume and selling prices relative to asking both trending higher in some areas.
Prices in Durham Region increased 0.6% over August of 2017, and also rose 1.1% since July. The monthly increase in pricing shows strength in a typically down summer pattern and shows promise with the annual increase.
Average prices for all of TREB showed a different trend, with an annual gain combined with a monthly drop, as shown in the above chart (red line), though the numbers since October are following a more typical price trend that we saw in the previous year (as prices were mostly rising regardless of season). Most of the areas in Durham Region (blue line) have also increased yearly with some dropping recently.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $590,706 - up from last month's 584,131 by $6,575 (1.1%).
Sales volume jumped 2.6% with 843 units sold versus 822 last August.
The average selling price of homes in the GTA this August was $785,223. This represents an 8.1% increase since August 2017. Sales volume was down 1.6%.
Inventory - More listings makes for balance in negotiations
Active listings within the board increased 8.8% over last year. The jump in inventory is helping to make the market more balanced - more inventory means less common bidding wars as supply rises, though the high selling price to asking price ratio (98%) shows that there are multiple bid situations happening out there.
In Durham, the increase was 7.8% with 2014 active listings over 1869 last year.
The increase still isn't enough to make it a buyer's market, though. The average property in Durham sold for 98% of asking. That's on par with the entire GTA and is partly due to Durham having the lowest average prices in the region.
The current trend shows 2.4 months of inventory.
Prices By Home Style
What are homes selling for in Durham Region Cities?
Oshawa was one of the strongest market areas in the region, with a 7.1% annual price increase. It also showed a 4.3% jump monthly. Volume was also up 2.1%.
Whitby continued to show price erosion, with a 4.9% annual price drop, combined with a monthly price drop of 0.2%, even with a 12.8% increase in sales volume. Good news for buyers looking to take advantage.
Clarington showed fantastic results with a 12.8% annual price increase, and a 3.8% monthly jump. Volume was up 16.4% over last August.
Prices dropped 3.2% annually in Ajax and were down 2.6% monthly. It also experienced a volume decrease of 7.5%. Once again, an opportunity for buyers.
Pickering had a sharp decline in price -9.5% year-over-year, and -4.0% monthly. It also had a big drop in volume -23.5% annually. These numbers are rather large and make for a substantial opportunity for buyers.
The numbers for Pickering are somewhat in-line with the GTA overall, so perhaps the emphasis on the differences should be on changes in east Durham Region that are making it more attractive to buyers that are finding difficulty finding value to the west.
This might be at least partially attributed to new investments in infrastructure in the east (highway 418/407, GO train expansion to Bowmanville, etc.). The pricing levels further out from Toronto are certainly another factor coming into play.
Inventory levels continue at moderate levels with 2.6 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 2.6 months (if no new listings were added). In Durham, there is 2.4 months inventory.
The average listing in Durham spent 28 days on the market. The TREB average was 27 days.
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